However, investor Michael Novogratz said Monday that a Biden presidency may 'actually start balancing out the disproportionate gains' made in stocks, and in the long run, 'markets will be stronger.'
would at first cause problems for the U.S. stock market. But the former hedge fund billionaire turned cryptocurrency investor contended that a victory by the former vice president would, ultimately, go on to benefit Wall Street.
"I think Biden's going to win. I hope Biden wins. But if he wins, I think the market will go down, at least initially because he's going to raise capital gains tax," Novogratz said on "There's a lot of people with a lot of gains. They're going to look and scratch their head and say, 'Hey better sell this year before the tax rate goes up.'", said that stocks would also react negatively to Biden's plans to raise the U.S. corporate tax rate from 21% to 28%. The GOP-led Tax Cuts and Jobs Act, signed into law by Trump in late 2017, cut the corporate tax rate from 35% to 21%.
"So the people that have been benefiting the most in this election, which is the 0.1% or the 1%, is going to get hit hardest by [Biden's] tax plan," he explained. "They probably can afford it. They've had a pretty good run. But \it's not going to be good for the overall market."
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
U.S. Stock Futures Point to Gains on Wall StreetShares of Oracle soared about 8% before the New York opening bell as investors cheered its deal with video-sharing app TikTok.
Weiterlesen »
What to watch today: Wall Street set for a recovery after a rough weekHeading into Monday trading, the Nasdaq was off just under 10% from its closing record on Sept. 2.
Weiterlesen »
Wall Street fundraisers turn into wallflowers during 2020 U.S. electionEarly this year, a prominent billionaire tried several times to organize a fundraiser for presidential candidate Pete Buttigieg, a moderate who gained favor among Wall Street Democrats.
Weiterlesen »
Biden struggling to gain support of Latinos in key battleground state of Florida
Weiterlesen »
Bernie Sanders expresses concerns about Biden campaignSanders has urged Biden’s team to intensify its focus on pocketbook issues and its efforts to appeal to liberal voters.
Weiterlesen »